# Robustness: CFA Excluding Oil Exporters

| Variable | CFA excl oil | CFA oil only | CFA full |
|:---|---:|---:|---:|
| Z_1 | 30.5042 | 479.8245** | 126.5171*** |
| | (20.9796) | (205.0351) | (48.7210) |
| Z_2 | -1.7495 | -70.7193** | -17.2195** |
| | (3.5397) | (31.5524) | (8.0030) |
| Z_3 | 0.0214 | 2.8184** | 0.6638* |
| | (0.1568) | (1.3057) | (0.3474) |
| fiscal_bal_gdp | 0.1559*** | 0.6859*** | 0.5121*** |
| | (0.0412) | (0.1994) | (0.0853) |
| nfa_gdp_lag | -0.1549 | 1.7310 | 2.5280 |
| | (0.8609) | (3.9376) | (1.6114) |
| rgdp_growth | -0.0720*** | 0.3291*** | 0.2282*** |
| | (0.0272) | (0.0760) | (0.0398) |
|:---|---:|---:|---:|
| N | 364 | 164 | 528 |
| R² | 0.2698 | 0.1009 | 0.0711 |
| Countries | 9 | 5 | 14 |

*Panel GLS with country and year fixed effects. Oil exporters: GAB, GNQ, COG, TCD, CMR.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*